Markets

Saudi says it discovers gas but will not immediately exploit

Published December 5, 2011 Updated December 5, 2011 09:27am

The world's top oil exporter will continue to explore the country for tight gas and heavy oil for future energy needs, according to the speech read by Naimi advisor Ibrahim Muhanna in Riyadh.

"Although we continue to explore the kingdom's oil and gas potential resources, this does not mean we will immediately start production from the newly discovered fields, rather it only means determining resources available in the kingdom for future use when needed," Muhanna read.

The speech also said Saudi Arabia will keep its oil production rates in synch with market requirements and global demand.

Copyright Reuters, 2011